Bitget will launch a social project in Vietnam which aims to educate people on how to use cryptocurrency securely and prevent fraud through engaging and understandable posters and banners.

These educational materials, which will provide tips on detecting and avoiding cryptocurrency scams, will be displayed in public spaces such as bus stops, subways, and street billboards.

According to a report by payment platform Triple-A, around 21.2% of the Vietnamese population owns cryptocurrencies, second only to the UAE at 34.4%.

However, the level of awareness about the risks associated with digital assets remains much lower than the general knowledge about cryptocurrencies in the country. This gap has led to a surge in financial losses due to fraud, especially among vulnerable groups. In 2023 alone, cryptocurrency-related investment frauds resulted in approximately $3.94bn in losses, a significant 53% increase from the previous year.

Data from indicates most victims of investment scams were over 30 years old

There is a notable number of complaints coming from individuals over 60, who are particularly vulnerable due to limited access to timely and clear information.

Being the third most populous country in Southeast Asia, Vietnam shares the same alarming trends with other countries in the region, when it comes to digital assets extortion.

A 2023 report issued by the UN Human Rights Office shows that this region is plagued with crypto-related romance-investment scams, fraud to illegal gambling. According to the report, the COVID-19 pandemic and associated response measures had a drastic impact on illicit activities across the region. But the most devastating fact about this phenomena is that it actually has more than one set of victims.

Gracy Chen, CEO of Bitget, said: "Along with the advancement of technologies, the cryptocurrency market has faced several urgent issues that have tested many aspects of social, economic, and cultural life. One of the key tools for engaging with the public and raising awareness, including among vulnerable groups, is social advertising. This format has shown high effectiveness worldwide, for instance, during the COVID-19 pandemic, where banners became a central element in informing citizens about the importance of precautionary measures."

"Bitget to launch campaign in Vietnam to warn about crypto scams and risks" was originally created and published by Retail Banker International, a GlobalData owned brand.

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